The Sui blockchain is gaining attention as its token, $SUI, experiences a high price and increased trading volume. $SUI has become the best-performing token among the 100 largest cryptocurrencies, rising over 24% in the last 24 hours.
According to CoinMarketCap data, the SUI token’s price is $2.87. The market cap is $9.34 billion, and the trading volume in the last 24 hours reached $2.41 billion, a 171% increase.
Recent technical gains, rising DeFi activity, and favorable market sentiment indicate that the SUI token will likely increase even more in the coming weeks.
SUI Dominates DEX Volume, Surpasses $80 Billion
One key factor behind SUI’s price surge is its rising dominance in the decentralized finance (DeFi) space. According to DeFi data, SUI has surpassed $80 billion in total cumulative decentralized exchange (DEX) volume.
This marks a 79.52% year-to-date increase, with on-chain trading platform Cetus accounting for nearly 60% of that volume. This sharp rise in DEX activity shows growing interest in the SUI ecosystem, driving demand for its native token.
Further evidence of SUI’s strong fundamentals comes from DefiLlama data, which shows that SUI ranks 6th in DeFi trading volume over the past month and 9th in total value locked (TVL) among all blockchains, currently at $1.85 billion.
Additionally, SUI’s price benefits from positive market conditions. As the Bitcoin price crosses $94,000 and the $1.4 trillion market cap mark, it has officially surpassed Google to become the 5th largest asset in the world. This positive sentiment across the broader crypto market provides tailwinds for altcoins like SUI to rally.
SUI Price Breaks Key Resistance, Eyes $4 in May
SUI’s recent price action has caught the attention of traders across the board. As highlighted by @TedPillows, the SUI price has just broken above a crucial resistance level, triggering a strong daily breakout.
When the analyst posted about the coin, the chart showed the SUI token pushing past the $2.70 mark. However, as the token has already surpassed that level, the next target range is set between $3.80 and $4 if market momentum holds. Ted emphasizes the breakout had been long anticipated, and with the technical setup now confirmed, more gains seem likely.
Supporting this view, Dami-Defi, another popular analyst with over 92k followers on X, pointed out that the SUI crypto bounced off a key support level and is already up 30%. According to Dami, this rally is only getting started, with price targets in the $3.50 to $5 range now on the table.
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